Key information about Singapore Current Account Balance: % of GDP

• Singapore Current Account surplus accounted for 15.3 % of the country's Nominal GDP in Dec 2024, compared with a 18.6 % surplus in the previous quarter.
• Singapore Current Account Balance: % of Nominal GDP data is updated quarterly, available from Mar 1986 to Dec 2024, with an average value of 16.4 %.
• The data reached an all-time high of 33.3 % in Mar 2007 and a record low of -6.3 % in Mar 1987.

• In the latest reports of Singapore, Current Account recorded a surplus of 21.6 USD bn in Dec 2024.
• Foreign Direct Investment (FDI) increased by 45.6 USD bn in Dec 2024.
• Singapore Direct Investment Abroad expanded by 12.8 USD bn in Sep 2024.
• Its Foreign Portfolio Investment increased by 7.7 USD bn in Dec 2024.
• The country's Nominal GDP was reported at 120.6 USD bn in Mar 2023.

Singapore recorded a Current Account surplus of 17.50 percent of the country's Gross Domestic Product in 2024. This dataset provides - Singapore Current Account to GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Singapore SG: BOP: Current Account: Balance: % of GDP data was reported at 18.829 % in 2017. This records a decrease from the previous number of 18.997 % for 2016. Singapore SG: BOP: Current Account: Balance: % of GDP data is updated yearly, averaging 12.415 % from Dec 1972 (Median) to 2017, with 46 observations. The data reached an all-time high of 26.059 % in 2007 and a record low of -19.579 % in 1974. Singapore SG: BOP: Current Account: Balance: % of GDP data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Singapore – Table SG.World Bank.WDI: Balance of Payments: Current Account. Current account balance is the sum of net exports of goods and services, net primary income, and net secondary income.; ; International Monetary Fund, Balance of Payments Statistics Yearbook and data files, and World Bank and OECD GDP estimates.; ; Note: Data are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6) and are only available from 2005 onwards.

In 2022, the current account balance in Singapore was approximately at 19 percent of the country's GDP. In comparison, the current account balance in Cambodia was approximately -25 percent of the nation's GDP in 2022.

Singapore SG: BOP: Current Account: Net Trade: Goods and Services data was reported at 78.586 USD bn in 2017. This records a decrease from the previous number of 80.932 USD bn for 2016. Singapore SG: BOP: Current Account: Net Trade: Goods and Services data is updated yearly, averaging 11.140 USD bn from Dec 1972 (Median) to 2017, with 46 observations. The data reached an all-time high of 80.932 USD bn in 2016 and a record low of -1.027 USD bn in 1980. Singapore SG: BOP: Current Account: Net Trade: Goods and Services data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Singapore – Table SG.World Bank.WDI: Balance of Payments: Current Account. Net trade in goods and services is derived by offsetting imports of goods and services against exports of goods and services. Exports and imports of goods and services comprise all transactions involving a change of ownership of goods and services between residents of one country and the rest of the world. Data are in current U.S. dollars.; ; International Monetary Fund, Balance of Payments Statistics Yearbook and data files.; ; Note: Data are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6) and are only available from 2005 onwards.

Source: SINGAPORE DEPARTMENT OF STATISTICS

Data Last Updated: 15/02/2024

Update Frequency: Annual

Footnotes: For more information on balance of payments methodologies, please visit Singstat website (www.singstat.gov.sg/find-data/search-by-theme/economy/balance-of-payments/publications-and-methodology) to view and download related publications.

Adapted from: https://tablebuilder.singstat.gov.sg/table/TS/M060301

Singapore SG: BOP: Current Account: Trade in Services: % of GDP data was reported at 103.571 % in 2017. This records an increase from the previous number of 103.439 % for 2016. Singapore SG: BOP: Current Account: Trade in Services: % of GDP data is updated yearly, averaging 60.387 % from Dec 1972 (Median) to 2017, with 46 observations. The data reached an all-time high of 105.905 % in 2015 and a record low of 43.066 % in 1985. Singapore SG: BOP: Current Account: Trade in Services: % of GDP data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Singapore – Table SG.World Bank.WDI: Balance of Payments: Current Account. Trade in services is the sum of service exports and imports divided by the value of GDP, all in current U.S. dollars.; ; International Monetary Fund, Balance of Payments Statistics Yearbook and data files, and World Bank and OECD GDP estimates.; Weighted average; Note: Data are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6) and are only available from 2005 onwards.

Singapore SG: BOP: Current Account: Exports: Service: Insurance and Financial Services: % of Service Exports data was reported at 17.693 % in 2017. This records an increase from the previous number of 17.544 % for 2016. Singapore SG: BOP: Current Account: Exports: Service: Insurance and Financial Services: % of Service Exports data is updated yearly, averaging 5.499 % from Dec 1972 (Median) to 2017, with 46 observations. The data reached an all-time high of 18.103 % in 1997 and a record low of 0.407 % in 1972. Singapore SG: BOP: Current Account: Exports: Service: Insurance and Financial Services: % of Service Exports data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Singapore – Table SG.World Bank.WDI: Balance of Payments: Current Account. Insurance and financial services cover various types of insurance provided to nonresidents by resident insurance enterprises and vice versa, and financial intermediary and auxiliary services (except those of insurance enterprises and pension funds) exchanged between residents and nonresidents.; ; International Monetary Fund, Balance of Payments Statistics Yearbook and data files.; Weighted average; Note: Data are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6) and are only available from 2005 onwards.

Singapore SG: BoP: Current Account: Secondary Income: Credit data was reported at 6.612 USD bn in 2017. This records an increase from the previous number of 6.348 USD bn for 2016. Singapore SG: BoP: Current Account: Secondary Income: Credit data is updated yearly, averaging 504.486 USD mn from Dec 1972 (Median) to 2017, with 46 observations. The data reached an all-time high of 8.442 USD bn in 2013 and a record low of 48.373 USD mn in 1977. Singapore SG: BoP: Current Account: Secondary Income: Credit data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Singapore – Table SG.IMF.BOP: BPM6: Balance of Payments: Detailed Presentation: Annual.

新加坡在2024年第四季度录得28814.10新加坡元的经常账户盈余。 当前值，历史数据，预测，统计，图表和经济日历 - 新加坡 - 经常账户.

According to a survey in Singapore as of July 2022, about 57.2 percent of respondents stated that the trust and reputation of the bank were the most important factor to consider when they were opening a bank account. Other important factors to consider were their customer support and the accessibility of the bank, as stated by 27.49 percent and 19.93 percent of the respondents, respectively.

The balance of payments is a statement that summarises the economic transactions between residents of an economy and non-residents during a specific time period. It consists of the current account, and capital and financial account which in turn comprise cross-border transactions in goods and services, income flows, transfers, as well as capital and financial flows.

BPM6 refers to the sixth edition of the IMF's Balance of Payments and International Investment Position Manual. It presents revised and updated standards for concepts, definitions, and classifications for international accounts statistics. These standards are used globally to compile comprehensive and comparable data.

Singapore SG: BOP: Current Account: Exports: Goods, Services and Primary Income data was reported at 637.718 USD bn in 2017. This records an increase from the previous number of 592.959 USD bn for 2016. Singapore SG: BOP: Current Account: Exports: Goods, Services and Primary Income data is updated yearly, averaging 142.549 USD bn from Dec 1972 (Median) to 2017, with 46 observations. The data reached an all-time high of 664.155 USD bn in 2014 and a record low of 3.243 USD bn in 1972. Singapore SG: BOP: Current Account: Exports: Goods, Services and Primary Income data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Singapore – Table SG.World Bank.WDI: Balance of Payments: Current Account. Exports of goods, services and primary income is the sum of goods exports, service exports and primary income receipts. Data are in current U.S. dollars.; ; International Monetary Fund, Balance of Payments Statistics Yearbook and data files.; Gap-filled total; Note: Data are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6) and are only available from 2005 onwards.

Singapore SG: BOP: Current Account: Imports: Service: Communications, Computer, etc: % of Service Imports data was reported at 51.188 % in 2017. This records a decrease from the previous number of 51.502 % for 2016. Singapore SG: BOP: Current Account: Imports: Service: Communications, Computer, etc: % of Service Imports data is updated yearly, averaging 40.400 % from Dec 1972 (Median) to 2017, with 46 observations. The data reached an all-time high of 52.406 % in 2013 and a record low of 24.509 % in 1996. Singapore SG: BOP: Current Account: Imports: Service: Communications, Computer, etc: % of Service Imports data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Singapore – Table SG.World Bank.WDI: Balance of Payments: Current Account. Communications, computer, information, and other services cover international telecommunications; computer data; news-related service transactions between residents and nonresidents; construction services; royalties and license fees; miscellaneous business, professional, and technical services; personal, cultural, and recreational services; manufacturing services on physical inputs owned by others; and maintenance and repair services and government services not included elsewhere.; ; International Monetary Fund, Balance of Payments Statistics Yearbook and data files.; Weighted average; Note: Data are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6) and are only available from 2005 onwards.

According to data from the UNWTO, Singapore's inbound tourism expenditure over current account credits in 2021 was at 0.4 percent. This was a decrease compared to the previous year, caused by the COVID-19 pandemic.

Service imports of Singapore climb by 0.17% from 295,000,676,983 US dollars in 2022 to 295,499,292,506 US dollars in 2023. Since the 1.92% decrease in 2016, service imports rocketed by 86.33% in 2023. Services (previously non-factor services) refer to economic output of intangible commodities that may be produced, transferred, and consumed at the same time.

Source: SINGAPORE DEPARTMENT OF STATISTICS

Data Last Updated: 23/05/2024

Update Frequency: Annual

Footnotes: Data series are updated annually by end-May to incorporate the latest annual GDP estimates published in February.

Adapted from: https://tablebuilder.singstat.gov.sg/table/TS/M016101

Singapore SG: BOP: Current Account: Imports: Service data was reported at 170.795 USD bn in 2017. This records an increase from the previous number of 162.482 USD bn for 2016. Singapore SG: BOP: Current Account: Imports: Service data is updated yearly, averaging 17.169 USD bn from Dec 1972 (Median) to 2017, with 46 observations. The data reached an all-time high of 170.795 USD bn in 2017 and a record low of 484.267 USD mn in 1972. Singapore SG: BOP: Current Account: Imports: Service data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Singapore – Table SG.World Bank.WDI: Balance of Payments: Current Account. Services refer to economic output of intangible commodities that may be produced, transferred, and consumed at the same time. Data are in current U.S. dollars.; ; International Monetary Fund, Balance of Payments Statistics Yearbook and data files.; Gap-filled total; Note: Data are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6) and are only available from 2005 onwards. Manufacturing services on physical inputs owned by others (goods for processing in BPM5) and maintenance and repair services n.i.e. are reclassified from goods to services.

Communications, computer, etc. (% of service imports) of Singapore rose by 4.56% from 50.8 % in 2022 to 53.2 % in 2023. Since the 6.47% slump in 2018, communications, computer, etc. (% of service imports) leapt by 7.15% in 2023. Communications, computer, information, and other services cover international telecommunications; computer data; news-related service transactions between residents and nonresidents; construction services; royalties and license fees; miscellaneous business, professional, and technical services; personal, cultural, and recreational services; manufacturing services on physical inputs owned by others; and maintenance and repair services and government services not included elsewhere.

Singapore SG: BOP: Current Account: Exports: Service data was reported at 164.680 USD bn in 2017. This records an increase from the previous number of 157.936 USD bn for 2016. Singapore SG: BOP: Current Account: Exports: Service data is updated yearly, averaging 22.911 USD bn from Dec 1972 (Median) to 2017, with 46 observations. The data reached an all-time high of 164.680 USD bn in 2017 and a record low of 960.711 USD mn in 1972. Singapore SG: BOP: Current Account: Exports: Service data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Singapore – Table SG.World Bank.WDI: Balance of Payments: Current Account. Services refer to economic output of intangible commodities that may be produced, transferred, and consumed at the same time. Data are in current U.S. dollars.; ; International Monetary Fund, Balance of Payments Statistics Yearbook and data files.; Gap-filled total; Note: Data are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6) and are only available from 2005 onwards. Manufacturing services on physical inputs owned by others (goods for processing in BPM5) and maintenance and repair services n.i.e. are reclassified from goods to services.